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JSC “White Sea — Onega Shipping Company” is one of Russia’s leading shipping companies with a record of more than 60 years in the domestic russian market and upward of 30 years in foreign markets.

Today, the company owns ship repair facilities and a modern operational fleet of more than 130 ships. Its forward-looking strategy lies at the basis of its steadily growing revenues, which is a factor contributing to the company employees’ improving social welfare standards. Efficient operation of the company’s ships has helped the company to boost sales of its coast shipment services in ton-kilometres by 45 per cent. Carriage of export and import cargoes in mixed ( SeaRiver ) navigation, goods carried for foreign charterers, and goods shipped along inland waterways have been supplemented by a passenger service, including tours in lakes Onega and Ladoga and the While Sea. Presently, the company is in the midst of a fleet modernization program it is carrying out unassisted, with its own funds and labour. It has plans to start building five new ships in March 2003.

The company is firmly entrenched in the markets for timber, bulk cargoes, lumber, and paper products. It is successfully developing markets in the United Kingdom, Germany, the Netherlands, and several other European countries.

OPEN JOINT-STOCK COMPANY “WHITE SEA — ONEGA SHIPPING COMPANY”.

7 Rigachin St., Petrozavodsk 185005,

Republic of Karelia, Russia.

Tel.: (8142) 71-1201. Fax: (8142) 71-1267.

E-mail: dir@bop.onego.ru